CHICAGO, May 6, 2020 /PRNewswire/ -- According to a new market research report "Indoor Location Market by Component (Hardware, Solutions, and Services), Deployment Mode, Organization Size, Technology, Application, Vertical (Retail, Transportation and Logistics, Entertainment), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global market size to grow from USD 6.1 billion in 2020 to USD 17.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 22.5% during the forecast period.

The major factors driving the growth of the Indoor Location Market are the increased number of applications powered by beacons and Bluetooth Low Energy (BLE) tags and growing integration of beacons in cameras; and Light Emitting Diode (LED) lightning, Point of Sales (PoS), and digital signage. The proliferation of smartphone connected devices and location-based applications is also expected to drive the market growth.

Large enterprises segment to hold a larger market size during the forecast period

The Indoor Location Market is segmented by organization size into large enterprises and Small and Medium-sized Enterprises (SMEs). The large enterprises segment is expected to have a larger market size during the forecast period, due to the increasing urge among organizations to adopt indoor location solutions and hardware to deliver better customer experience. Today, most organizations are in urge of adopting indoor location solutions and hardware to provide better navigation and tracking abilities for tracking people and objects indoor. Large education universities are deploying indoor positioning solutions that help directing visitors, students, and faculties to precise locations within the facility from their location outside, helping students reserve their participation for a conference, booking a chair/seat in the library, and checking the availability of a playground within the premises.

By vertical, the transportation and logistics vertical to grow at the highest CAGR during the forecast period

The Indoor Location Market by vertical is segmented into eight categories: transportation and logistics, travel and hospitality, entertainment, retail, government and public sectors, manufacturing, healthcare, and others (education, Banking, Financial Services, and Insurance [BFSI], and energy and utilities). The transportation and logistics vertical are expected to grow at the highest CAGR during the forecast period. The growth can be attributed to the need to provide mobile support for travelers at railway stations and airports to guide them to the right place to locate stores and restaurants in airports and railways. Indoor location solution adoption helps the transportation industry to understand customer behavior and offer valuable information that could assist in building enhanced advertising campaigns, optimizing services, and selecting the right locations. Additionally, the adoption of indoor location solutions allows the transportation vertical to manage inventory effectively, save costs on audits, and track the missing equipment. The success of the transportation and logistics vertical depends on complex and frequent capital-intensive processes and operations. The logistics industry are facing challenges in terms of tracking the asset location in the warehouses. The need to track and identify asset locations to reduce wastage of time in asset location management to lead to the adoption of indoor location solutions across the logistic vertical. With the help of location analytics solutions, a firm can organize and understand all complex plans, enabling it to gain insights quickly and communicate with them effectively.

North America to hold the largest market size during the forecast period

North America is the most significant revenue contributor to the global Indoor Location Market. The region is witnessing significant developments in the Indoor Location Market. North America is projected to hold the largest market size during the forecast period. Key factors favoring the growth of the Indoor Location Market in North America include the increasing investments on the development of various technologies and application of indoor location solutions. The growing number of indoor location players across regions is expected to drive the market growth further. Major North American vendors in the Indoor Location Market are Zebra Technologies (US), Inpixon (US), Mist Systems (US), HID Global (US), Google (US), Microsoft (US), Apple (US), Cisco (US), HPE (US), Centrak (US), HERE (US), STANLEY Healthcare (US), Midmark (US), Acuity Brands (US), AiRISTA Flow (US), Esri (US).

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